<SUBMISSION>
<ACCESSION-NUMBER>0000950134-05-011724
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20050609
<ITEMS>7.01
<FILING-DATE>20050609
<DATE-OF-FILING-DATE-CHANGE>20050609
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CORP
<CIK>0000916457
<ASSIGNED-SIC>4911
<IRS-NUMBER>770212977
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>05886379
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO ST
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 W SAN FERNANDO
<STREET2>SUITE 500
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
</MAIL-ADDRESS>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>f09889e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 12pt"><B>CURRENT REPORT</B>


<P align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt">Date of Report (Date of earliest event reported): June&nbsp;9, 2005


<P align="center" style="font-size: 24pt"><B>CALPINE CORPORATION</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt"><B>Delaware</B><BR>
(State or Other Jurisdiction of Incorporation)



<P align="center" style="font-size: 10pt">Commission File Number: <B>001-12079</B>



<P align="center" style="font-size: 10pt">I.R.S. Employer Identification Number: <B>77-0212977</B>



<P align="center" style="font-size: 10pt"><B>50 West San Fernando Street<BR>
San Jose, California 95113<BR>
Telephone: (408)&nbsp;995-5115</B><BR>
Address of principal executive offices and telephone number)



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:

<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))



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<P align="left" style="font-size: 10pt"><B>ITEM 7.01 &#151; Regulation&nbsp;FD Disclosure.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;9, 2005, as part of the commencement by Calpine Corporation (&#147;Calpine&#148;) of a process
with potential buyers relating to the disposal of its remaining U.S. natural gas assets, the
following disclosure will be made, which may constitute material nonpublic information to
beneficial owners of securities issued by Calpine:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2005, the Division of Enforcement of the Securities and Exchange Commission asked
Calpine to provide voluntarily documents and information related to: (a)&nbsp;Calpine&#146;s downward
revision of its proved oil and gas reserve estimates at year-end 2004 as compared to such estimates
at year-end 2003, and a corresponding impairment of the value of certain assets, all previously
disclosed by Calpine, (b)&nbsp;certain statements made to various regulatory agencies by a terminated
former employee regarding Calpine&#146;s determination of state sales and use taxes, and (c)&nbsp;Calpine&#146;s
upward restatement in April&nbsp;2005 of its previously disclosed net income for the third quarter, and
the first three quarters, of 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is fully cooperating with the SEC&#146;s request for documents and information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted in Calpine&#146;s most recent quarterly report on Form 10-Q filed on May&nbsp;11, 2005, the
former employee referred to above, subsequent to his termination, filed a claim with the U.S
Department of Labor alleging that his termination violated the employee protection or
&#147;whistleblower&#148; provisions of Title VIII of the Sarbanes-Oxley Act of 2002 (&#147;SOX&#148;). Following an
investigation of this claim by the Occupational Safety and Health Administration division of the
Department of Labor, the Secretary of Labor found that there was no reasonable cause to believe
that the Company violated SOX, and dismissed the former employee&#146;s SOX claim. Calpine understands
that the terminated employee&#146;s right to appeal this decision has not yet expired.


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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CALPINE CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Charles B. Clark, Jr.</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Charles B. Clark, Jr.</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Senior Vice President and Controller,<br>
Chief Accounting Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Date: June&nbsp;9, 2005




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